InsightAce Analytic Pvt. Ltd. announces the market research evaluation report on the “Global Site Management Organizations Market: Industry Competition Analysis, Trends, Value/Revenue (US$ Mn), and Forecast to 2030.”
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According to the most recent market research report by InsightAce Analytic, the worldwide site management organizations market is valued at US$ 1,025.2 Mn in 2020, and it is expected to reach US$ 2,986.0 Mn by 2030 with a CAGR of 11.7% for the duration of 2021to 2030. By region, North America dominated the worldwide market with a share of around 43% in 2020.
A site management organization (SMO) offers services related to clinical trials/study sites to the contract research organization (CROs), study sponsor, or clinical trial investigator. SMO is not exclusively monitored and defined by the USFDA. The services offered by SMO include patient recruitment, study sites support, study staff recruitment, and management of clinical trial investigators and related staff. SMOs’ ability to accurately conduct multi-centric clinical trials can save money & time for manufacturers. Site management organizations (SMOs) offer clinical trial-related services to biotechnology & pharmaceutical industries, clinical research sites/institutes, clinical centers, and hospitals. Some of the responsibilities of SMO include resolving issues of clinical trials, maintenance of clinical trial-related documents, highly efficient patient recruitment & follow-up, and focusing on site-specific operations.
Factors such as the constant efforts by pharmaceutical industries to improve the process of clinical trials, rising drug discoveries & clinical studies, increasing trend of outsourcing clinical trials to the CROs/SMOs, increasing focus of pharma companies toward reducing drug development process time, new ways of managing research sites, increasing collaborations, expansions, and acquisitions by drugs manufacturers, technological advancement, would likely to compel the development of the global site management organization market during the estimated timeframe. Furthermore, the development of the Covid-19 pandemic has increased the R&D activities of biotech & pharma companies to develop and deliver vaccines, drugs, and test kits against the coronavirus. Therefore, several companies collaborated or partnered with SMOs/CROs, save time & process costs, thereby creating prospects to expand the business during the forecast years. However, the shortage of skilled professionals and the risk of online data security may hinder the market’s development over the upcoming years.
Region-wise, APAC is anticipated to expand at a significant rate in the next few years due to the increasing demand for medication and the availability of better healthcare infrastructures.
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Major market players operating in the site management organizations market include Veristat (U.S.), Pharm-Olam (U.S.), TFS HealthScience (Sweden), Scandinavian CRO (Sweden), Trialbee (Sweden), TFS HealthScience (Sweden), Tigermed (China), Worldwide Clinical Trials (US), George Clinical (Australia), WCCT Global (US), Tigermed (China), Veeda Clinical Research (Ahmedabad), CMIC Group (Canada), CROMSOURCE (Italy), Pharm-Olam (US), Fidelis Research (Bulgaria), Parexel (US), Novotech, ERG Holding, Elligo Health Research, FOMAT Medical Research, ClinChoice Private Limited, EPSI, AusTrials, Apex Medical Research, Altasciences Company, MEDEX, Ethic Co.Ltd, Beijing Aisimo Medical Science and Technology Co., Ltd, ACTG-CRO, CIDAL OneOncology, MPR Development Group among others.
Key developments in the market:
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Site Management Organizations Market, by Therapeutic Areas, 2019-2030 (Value US$ Million)
Site Management Organizations Market, by Trial Phases, 2019-2030 (Value US$ Million)
Site Management Organizations Market, by Clinical Trial Components, 2019-2030 (Value US$ Million)
Site Management Organizations Market, by Interventions Types, 2019-2030 (Value US$ Million)
Global Site Management Organizations Market, by Region, 2019-2030 (Value US$ Million)
North America Site Management Organizations Market, by Country, 2019-2030 (Value US$ Million)
Europe Site Management Organizations Market, by Country, 2019-2030 (Value US$ Million)
Asia Pacific Site Management Organizations Market, by Country, 2019-2030 (Value US$ Million)
Latin America Site Management Organizations Market, by Country, 2019-2030 (Value US$ Million)
Middle East & Africa Site Management Organizations Market, by Country, 2019-2030 (Value US$ Million)
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